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Friday, 06 August, 2021

Debt Consolidation Loan

Do you have multiple credit accounts with retail stores, or loans with banks and other lenders that you're struggling to pay each month? Juggling funds to maintain regular payments on multiple accounts each month can be very stressful, and if not managed properly it could severely damage your credit record and your ability to obtain further credit in the future.

Applying for a debt consolidation loan through Hoopla Loans is a smart way to effectively combine all debt that you currently hold with your other creditors into one single loan. The purpose of a debt consolidation loan is to reduce your overall monthly repayments by paying only one single payment to one lender, at a substantially reduced interest rate as well as over a better repayment period.

How To Apply

Applying for a debt consolidation through Hoopla Loans is quick, safe, and easy. Simply complete our application form online. Select the total amount that you would like to borrow. This amount must be the same as the total amount of your existing debt. If your application is successful, one or more of our lenders will contact you to discuss how you would like to structure your loan as well as how you are going to consolidate your debt.

Once your loan is finalised, the lender will pay the funds into your bank account. Upon receiving the funds you will need to immediately settle all your existing credit accounts in full, and preferably close them off. Once you have settled your existing debt with the funds from your new loan it is crucial that you do not incur any additional debt as this will only further increase your debt again and would also increase the risk of you not being able to afford to pay the required payments each month.


Benefits of Consolidating Your Debt

If managed properly, a debt consolidation loan can bring immediate financial relief by drastically reducing your monthly expenses as well as improving your overall monthly budget. Importantly, it will help you to also free up extra funds that can be used towards priority expenses such as living costs.

By having lower monthly expenses means that you will be less likely to default on your payments, which means that you will not only pay your debt of quickly but you will also be keeping your credit record in good order.